A period immediately after the deadline for the performance of an obligation during which a late fee or penalty, or other action would have been taken as a result of failing to meet the deadline, is waived provided that the obligation is satisfied during the grace period. Grace periods can range from a couple of minutes to a number of days or longer, depending on the context, and can apply in various situations, such as complying with a legal obligation by a specified deadline.

A legal document, usually in writing, giving details of a formal legally binding agreement, between two or more different people or groups. To be legally binding it must contain certain elements: it must contain an offer made by one party and accepted in its entirety by the other, it must include some form of consideration whether it be money, goods or services, and it must be properly signed by all parties to it, and dated.

A contract in which all elements of a contract are specifically stated (offer, acceptance and consideration), and the terms are set out, as compared with an implied contract in which the existence of the contract is assumed by the circumstances.

An agreement where one person promises to do something or to refrain from doing something if the other person does something, but the other person makes no promise to do or refrain from doing anything so that no enforceable obligation has been given by the other person.

The responsibility of a person to pay a debt or other financial obligation. If an individual signs a promissory note, that individual usually has full personal liability for the debt. An exception is the unusual situation of a non-recourse individual loan, in which the lender agrees to look only to the collateral for recovery in the event of default.

An arrangement where all of the parties involved are each liable up to the full amount of the relevant obligation. If one party dies, disappears or is declared bankrupt the others remain fully liable. The converse is several or proportionate liability, where the parties are liable only for their respective obligations and not for the obligations of any of the other parties.

Sometimes called absolute liability, is the legal responsibility for damages, or injury, even if the person found to be strictly liable was not at fault or negligent. Strict liability is especially found in product liability cases.

Sometimes known as a repudiatory breach, is a breach of an essential part of a contract that it permits the distressed party to terminate performance of the contract, in addition to entitling that party to sue for damages.

A breach of contract that is so fundamental that it permits the injured party to terminate the performance of the contract, in addition to entitling that party to sue for damages.